This article analyzes the effects of financial liberalization on economic growth, focusing mainly the empirical aspects of this line of research. The text aims to answer fundamental questions put forward by recent literature: What effects has capital account liberalization had on economic...

According to globalization, certain kinds of public goods, which used to be working as the goods just in a national economy, are getting internationalized or released for foreigners as well. In addition, those goods often exhibit differentiated features for a certain degree. The goods as such...

This paper provides new evidence on the relevance of alternative theories of federal budget allocation to US States. Using a panel of 48 states over 20 years, we estimate the size and relative importance of different institutional and political factors in determining such allocation. We find...

En este estudio, se evalúa la importancia de las transferencias intergubernamentales sobre el esfuerzo fiscal realizado por los gobiernos locales, así como, el impacto que tienen sobre el nivel de actividad local en el Perú. Usando una base de datos de panel para los municipios distritales y...

A government policy regarding the reduction of state shares in state-owned enterprises (SOE) triggered a crash in the Chinese stock market. The sus- tained depression even after policy adjustments constitutes a puzzle— the so called “state-share paradox.”The empirical evidence shows...

The sources of "total factor productivity (TFP) growth" or the "Solow residual" typically remain unknown as a residual. This paper aims to identify the underlying sources of this residual growth, being explicit about micro underpinnings and transitional growth from occupation choices of...

A government policy regarding the reduction of state shares in state-owned enterprises (SOE) triggered a crash in the Chinese stock market. The sus- tained depression even after policy adjustments constitutes a puzzle— the so called “state-share paradox.”The empirical evidence shows...

The financial crisis in 1997 caused serious deterioration of the Korean economy. We examined the credit crunch in Korea and how it affected household welfare. With household panel data from 1996-1998, we estimated a switching regression model of a consumption Euler equation, which is augmented...

This paper studies subsampling hypothesis tests for panel data that are possibly nonstationary, and cross-sectionally correlated and cross-sectionally cointegrated. The tests include panel unit root and cointegration tests as special cases. The number of cross-sectional units in the panel data...

The relationship between income distribution and economic growth has been found to depend on several factors such as capital markets imperfections, moral hazard, indivisibility in investments, and existence of dual economic characteristics. In recent literature the importance of geography has...